World oil prices have decreased, and it is forecasted that in the next adjustment period (June 11), domestic retail gasoline prices may be adjusted down sharply, from 500 - 700 VND/liter, or even 1,000 VND/liter.
How is the price of gasoline in the country?
Although there is still one more week until the domestic gasoline price adjustment period (June 11), but with the current oil price developments in the world, sharing with VTC News , some key enterprises and retailers said that it is likely that in the next adjustment period, domestic gasoline retail prices will be adjusted down by 500 - 700 VND/liter, and may even decrease by 1,000 VND/liter.
“If the world oil price fluctuates in a downward direction in the coming days, it is forecasted that domestic oil retail prices may be adjusted up by 500-700 VND/liter, or even decrease further. In addition, the adjustment of oil prices this time will depend on the allocation of the Oil and Gas BOG Fund and other adjusted fees, if any,” said a representative of a major oil and gas enterprise.
In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the afternoon session of June 1 by the Ministry of Finance - Industry and Trade. Accordingly, the price of E5 RON92 gasoline increased by 390 VND/liter, the new price is 20,878 VND/liter; RON95-III gasoline increased by 516 VND/liter, to 22,015 VND/liter.
Gasoline prices are forecast to be adjusted down deeply in the next management period (Industry and Trade Newspaper).
Meanwhile, oil products were all adjusted down. Specifically, diesel 0.05S decreased by 11 VND/liter compared to the current retail price, not higher than 17,943 VND/liter; kerosene decreased by 198 VND/liter compared to the current retail price, not higher than 17,771 VND/liter; fuel oil 180CST 3.5S decreased by 275 VND/kg compared to the current retail price, not higher than 14,883 VND/kg.
Since the beginning of the year, gasoline prices have undergone 16 price adjustments, including 9 increases, 6 decreases, and 1 unchanged.
World oil prices have fallen more than 12% since mid-April
Since mid-April, oil prices have fallen by more than 12%. As of now, Brent crude is trading at $76.13/barrel, while WTI crude is at $71.74/barrel.
Both benchmark oil prices are far from the $80/barrel mark. Many analysts still believe that oil prices will continue to decline amid weak demand and weak supply.
Weak economic growth in the United States and China, the world’s top oil consumers, has dampened the outlook for fuel demand. The East Asian nation’s uneven economic recovery and concerns about a US debt default have weighed on oil prices despite OPEC+’s shock decision to cut production.
To restore oil prices, OPEC+ needs to cut production further. Last week, Saudi Arabia’s energy minister warned speculators betting on lower oil prices to “watch out” for losses. This warning was interpreted as OPEC+ continuing its policy of further production cuts. But Russia stressed that the production policy would remain unchanged. These conflicting opinions have caused the oil market to “fluctuate” in many trading sessions.
“No one wants to short crude oil heading into the OPEC+ meeting this weekend. Traders should never underestimate what Saudi Arabia will do and take advantage of during OPEC+ meetings,” said Edward Moya, senior market analyst at data and analytics firm OANDA.
PHAM DUY
Useful
Emotion
Creative
Unique
Source
Comment (0)